Foreign Direct Investment in Automobile Industry

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1 ISSN: Volume 1 Number 3 (2013) pp Foreign Direct Investment in Automobile Industry T. Rajesh 1 and A.S. Dileep 2* 1 Department of Commerce, Govt College, Ambalapuzha, India 2 Department of Commerce, N.S.S College Nilamel, India *Corresponding author KEYWORDS Foreign Direct Investment; Automobile Industry; automobile production trends; Foreign investment; A B S T R A C T The Foreign Direct Investment in Indian Automobile Industry has opened up new avenues for the development of this important sector of Indian industries. The liberalization of government policies regarding FDI in the automobile industry of India has increased the scope of this industry. The first FDI player in the Indian automobile industry was Suzuki. In 1980s this company entered into a joint venture with Maruti Udyog, a state run enterprise. The then Indian government permitted this company to enter the Indian automobile market in 1983.In 1991, the government of India liberalized its policies regarding the automobile industry of India Foreign Direct Investment in the automotive industry of India was permitted. In 1993, FDI was also allowed in the passenger car segment of Indian automobile industry. This paper analysis the progress so far made through FDI in Indian automobile industry. Introduction International flow of capital is not a new phenomenon. International capital flows have significant latent benefits for economies around the world. Countries with sound economic policies and well functioning institutions are in a better way to reap the benefit of this capital flow. In recent years, india has emerged as favourable location for FDI due to several reasons. The hasty growing economy, comparatively low wages and highly educated workforces are the major contributing factors for this state of affairs. FDI is the process whereby the resident of one country (the home country) acquires ownership of assets for the purpose of controlling the production, distribution and other activities of a firm in another country (the host country). India has become the centre of attraction for global car makers given the immense opportunity with midincome masses aspiring to own a car as well as abundance of raw materials and low cost labour. This will attract the attention of many players and flattering FDI policy makes the entry of international players 33

2 easy into india and they feel india is a hub for small car production. Initially, the automobile industry of India was ruled by national vehicle manufacturers like Premier Automobile and Hindustan Motors. The entrance of foreign automobile companies in the market was restricted by the imposition of high import tariffs and other policies and measures. India has a manufacturing advantage in the automobile sector. Big names like Ford Motor Company, General Motors, GE Corporation, Nissan-Renault, VW Group, Honda Motors, and Toyota Motors have set up their manufacturing units in India. Today India can boast of its quality resources which are given below: Abundant capital goods Brilliant engineering talent Low overall cost Political stability Language strength of English Legal and efficient accounting framework India is looking forward to developing its auto components industry and pharmaceutical industry which is becoming an influencing factor in the Automobile market. Foreign Direct Investment has already penetrated the market. As such India is considered to be the 4th largest FDI destination in Asia. The automobiles industry is the most dynamic manufacturing sector of the country as well. Auto industry in India has grown in skills and lower prices. It can now cater to global markets with quality products. Today, the Indian automobiles manufacturing industry has 11 passenger car manufacturers, 12 commercial and utility vehicle, 10 two wheeler manufactures, 12 tractor manufactures and 3 three wheeler manufactures. The first FDI player in the Indian automobile industry was Suzuki. In 1980s this company entered into a joint venture with Maruti Udyog Limited, a state run enterprise. Then the indian government permitted this company to enter the Indian automobile market in In 1991, the government of india liberalized its policies regarding the automobile industry. FDI in automotive industry was permitted. In 1993, FDI was also allowed in the passenger car segment.fdi Inflows to Automobile Industry have been at an increasing rate as india has witnessed a major economic liberalization over the years in terms of various industries. The automobile sector in India is growing by 18 percent per year. The basic advantages provided by india in the automobile sector include, advanced technology, cost-effectiveness, and efficient manpower. Besides, india has a well-developed and competent Auto Ancillary Industry along with automobile testing and R&D centers. The automobile sector in india ranks third in manufacturing three wheelers and second in manufacturing of two wheelers. Objectives of the study The study is conducted with the objective of analysing the progress of Indian Automobile Industry through Foreign Direct Investment. Data Base and methodology In pursuance of the above mentioned objective the following methodology was adopted. The present research work is based on secondary data. The secondary data required for the study is collected through the discussion with the officials, official publication of government of India, various publications of RBI, Planning Report and from official web RBI. 34

3 Table.1 Sub sectors of FDI equity inflows in automobile industries (January 2000 to December 2010) Sub Sectors Amount of FDI inflows Percentage with total FDI Rupees in Crores US $ in million inflows Heavy Vechiles 6, , Passenger vehicles 13, , Auto ancillaries/parts 2, Others (transport) 2, Total of above 25, , Source: Directorate of Economics & Statistics. Table.2 Automobile Production Trends (in numbers) Category Passenger 1,209,876 1,309,300 1,545,223 1,777,583 1,838,593 2,357,411 2,987,296 vehicles Commercial 353, , , , , , ,735 vehicles Three 374, , , , , , ,533 wheelers Two 6,529,826 7,608,697 8,46,666 8,026,681 8,419,792 10,512,903 13,376,451 wheelers Total 8,467,853 9,743,503 11,087,997 10,853,930 11,172,275 14,057,064 17,916,035 Source: SIAM Industry Statistics Table.3 Share of top five countries FDI inflows for automobile industries (from January 2000 to December 2010) Amount of FDI Inflows Percentage of FDI Inflows Ranks Country Rupees in US $ in in Automobile Industries Crores million 1 Japan 6, , U.S.A 3, Netherlands 3, Italy 2, Mauritius 2, Total of above 18, , Source: Directorate of Economics & Statistics 35

4 Table.4 Foreign investment inflows (RS in Crore) Years Direct Investment Portfolio Investment Total Source: Directorate of Economics & Statistics FDI in automobile industries investment scenario Cumulative FDI inflows in automobile industry Cumulative FDI equity inflows received in our economy during January December 2010 were Rs. 568, crores (US$ billion). Out of this, the amount of FDI inflows in the Automobile industry during January 2000 to December 2010 is Rs. 25, crores (US$ 5.74 billion) which is 4.52% of the total FDI inflows. Automobile production trends The automobile production trend from to is presented in Table 2. Table results shows that the total automobile production gradually increased from 8, 467,853 in to 17,916,035 in It shows an increase of 9,448,182 in absolute terms and per cent in relative terms during the period under study. Top five countries share of FDI in automobile industries Japan, U.S.A, Netherlands, Italy and Mauritius are the top five countries in the world who makes FDI in automobile industries. These five countries altogether contribute 7o.56 per cent of the total FDI Inflows in our country. From among nearly 24 per cent of FDI contribution is from Japan.U.S.A contribute per cent, from Netherlands, per cent from Italy and 8.63 per cent from Mauritius. Table 3 shows the share of Top five countries FDI inflows in Automobile industries. Foreign investment inflows in automobile industry Table 4 shows the total direct investment and portfolio investment inflow that India attracted during to It is evident from Table 4 that the total investment ( direct + portfolio investment) was Rs crore at which was gradually increased to crore in In the year prtfolio investment shows a negative sign due to crisi it affected the automobile industry. Conclusion Indian economy is growing and considered as third largest economy in terms of public private partnership. Indian economic policy reforms have given tremendous growth in industries, employment opportunities and living standards of the people. It is evident from the present that FDI inflows have shown significant growth in the post liberalization period and the inflow of FDI 36

5 into automobile industry enable to make momentous growth in the production in the various automobiles. The present study concludes that FDI inflows in automobile overcome our drawbacks and to make the Indian automobile as prestigious, profitable, successful and sustainable. References Aiyar, S., The unintended consequences of FDI. The Times of India. 28 th June Report of the Committee on Compilation of FDI in India. Reserve Bank of India.(2002. Athreye,S., and Kaput. K Private Foreign Investment in India: Pain or Panacea?. The World Economy. Vol.34. No.3. Hand Book of Statistics of Indian Economy- Various Issues. Reserve Bank of India. Reserve Bank of India Bulletin- Various Issues. Reserve Bank of India. Aravindan Mukerjee., The automotive Industry.Indian Institute of Management. Website: www. rbi.org.in 37

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